Maybe he'll adopt me?

[Flashermac]

Poor boy ...

[MaiLuk]

>>>Last year, Exxon made the biggest profit of any company ever, $36 billion, and its retiring chairman appears to be reaping the benefits.

Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.<<<

 

 

No reason to be surprised by these numbers. Exxon and other oil companies are sitting on huge stockpiles of oil. With rising prices their inventory has tripled in value.

 

And to add more money to their bank accounts, the US gov is looking to open up currently protected areas so that the oil companies can extract more black gold. They will pay a minimal price to the gov (pennies on the dollar). Its basically a huge giveaway of reserves to the oil companies.

 

If your pension plan held oil stocks you should be happy right now.

[cavanami]

> Maybe he'll adopt me?

 

Don't hold your breath ::

[chuckwoww]

Guys like Lee Raymond make Thaksin look like a clumsy amateur.

[Man at Work]

THose guys pour oil (punt intendet) into the flames of socialism and comunism. And we all know, where that will lead us!

 

Purely unethical - I wonder how he justifies this in front of himself?

 

MaW

[Flashermac]

Senator rips ex Exxon CEO's retirement package

 

By Tom Doggett

Tue Apr 18, 2006

 

WASHINGTON (Reuters) - Amid record oil prices and soaring gasoline costs, Exxon Mobil's $400 million retirement package to its former CEO is a "shameful display of greed" that should be reviewed by Congress and investigated by federal regulators, Democratic Sen. Byron Dorgan said on Tuesday.

 

Dorgan said he wants Exxon Mobil officials to appear at a Senate Commerce Committee hearing to explain how the corporation "justifies" giving its former boss, Lee Raymond, such a huge retirement package.

 

He also said the Securities and Exchange Commission should investigate the deal that "appears to shortchange" shareholders.

 

"There can be no more compelling evidence that the price gouging and market manipulation which has produced record oil prices is out of control, and is working to serve the forces of individual greed and corporate gluttony at the painful expense of millions of American consumers," Dorgan said.

 

Dorgan's criticism of Raymond's financial package came on the same day that U.S. crude oil prices hit a record high of more than $71 a barrel at the New York Mercantile Exchange.

 

Higher crude oil prices are helping to push of up gasoline costs. The Energy Department reported prices jumped 10 cents over the last week to a national average of $2.78 a gallon, up 55 cents from a year ago.

 

President George W. Bush said on Tuesday he was "concerned" about the impact high gasoline prices were having on families and businesses.

 

Exxon earned the wrath of many lawmakers when it reported more than $36 billion in profits last year as energy prices paid by consumers soared.

 

Dorgan said he will push to win passage of his legislation that would impose a windfall profits tax on big oil companies and rebate that money to consumers, unless the companies used their earnings to explore for and produce more energy.

 

"I think a sensible public policy would insist that the big oil companies either invest those windfall profits in things that will increase our own domestic energy supplies, or we should return some of that money to consumers," Dorgan said.

 

"Using them to drop $400 million dollars in the pocket of a big oil executive is simply unacceptable," he added.

 

Exxon Mobil has defended Raymond's retirement package, saying it was pegged to the rise in the company's profit and market capitalization that occurred during his tenure.